Sallie Krawcheck
Sallie L. Krawcheck | |
|---|---|
| Born | November 28, 1964 New Orleans, Louisiana, U.S. |
| Occupation(s) | Corporate leader, CEO of Ellevest |
| Known for | Creator of Ellevest; former head of Bank of America’s Global Wealth and Investment Management division |
Sallie L. Krawcheck (born November 28, 1964) is an American corporate leader and the creator of Ellevest, an investment platform tailored for women that launched in 2016. Previously, she served as the head of Bank of America’s Global Wealth and Investment Management division. Often referred to as "the most powerful woman on Wall Street," Krawcheck has played a pivotal role in shaping wealth management and financial services with a focus on female investors.
Early life and education
Sallie was born in New Orleans, Louisiana to Leonard Krawcheck, a former member of the South Carolina House of Representatives, and grew up in Charleston, South Carolina. She has described her upbringing as a blend of "half Jewish, half WASP-y." During her time at Porter-Gaud School, she participated on the track and field team. In 1983, while a senior in high school, she was recognized as a South Carolina Presidential Scholar.
Awarded a Morehead Scholarship, Krawcheck attended the University of North Carolina at Chapel Hill, where she earned a degree in journalism. She later obtained an MBA from Columbia Business School in 1992.
Sanford C. Bernstein
Krawcheck’s professional journey began as an equity analyst focusing on Wall Street firms. She advanced to become director of research and subsequently chairman and CEO of the sell-side research firm Sanford C. Bernstein & Co.. Renowned for her unbiased guidance, she strategically moved Bernstein away from the profitable yet conflicted underwriting sector, which led Fortune to dub her "The Last Honest Analyst." Following regulatory concerns, Citigroup recruited her to resolve conflicts of interest within its wealth management and research operations.
Citigroup
Appointed CEO of Citigroup’s newly formed Smith Barney division, Krawcheck earned spots on Time's 2002 "Global Influentials" list and Fortune's Most Influential People Under 40. Smith Barney was established to separate Citigroup’s investment banking from brokerage services to mitigate conflicts. She managed a team of 13,000 brokers and analysts within the retail brokerage arm.
In 2004, Krawcheck assumed the role of Citigroup’s chief financial officer. By 2007, she was promoted to CEO of Citi’s wealth management division, overseeing Smith Barney alongside Citi Private Bank. Confronting regulatory pressures and significant advisor turnover, she championed implementing a fiduciary standard for brokers.
Krawcheck departed Citi on September 22, 2008, following disagreements with CEO Vikram Pandit regarding client reimbursements for faulty investment products sold by Citi’s wealth management unit. Pandit and others maintained there was no legal obligation for such repayments.
Bank of America
Following Bank of America’s acquisition of Merrill Lynch in 2009, Krawcheck took charge of the combined wealth management business. Despite initial concerns from CEO Ken Lewis about Merrill Lynch’s financial stability before the acquisition, she successfully led the division to generate $3.1 billion in profits over two years. In the second quarter of 2011 alone, her unit’s net income increased by 54% to $506 million, even as Bank of America reported an $8.8 billion loss overall.
Her position was eliminated amid a restructuring effort under new CEO Brian Moynihan, prompting her exit on September 6, 2011. She received a severance package totaling $6 million.
Ellevate Network
In 2013, Krawcheck took ownership of 85 Broads Unlimited LLC, which has since been renamed Ellevate Network. She currently holds the position of chairwoman for this professional network dedicated to women.
Ellevest
Krawcheck is the co-founder and CEO of Ellevest, a digital investment platform designed to address the gender investing disparity in the United States by tailoring investment strategies specifically for women.
Recognition
Krawcheck was listed among Forbes' top ten in The World's 100 Most Powerful Women during 2005 and 2006. In 2008, Investment Advisor magazine included her in its IA 25, highlighting key influencers in investment advisory. The World Economic Forum honored her as a Young Global Leader. The Daily Beast cited her in 2012 as one of the rare candid voices on Wall Street. Additionally, TechCrunch acknowledged her as one of 42 women making significant strides in technology in 2017.
She also founded a full-tuition scholarship at her alma mater, Porter-Gaud, awarded based on merit to students demonstrating outstanding talent.
Personal life
Krawcheck is married to Gary Appel, a financier, and together they have two children.
External links
- Sallie Krawcheck discusses the impact of the pandemic on women's financial situations July 27, 2021 interview on marketplace.org conducted by Kai Ryssdal
- 1964 births
- Living people
- 21st-century American women
- American women business executives
- American business executives
- American chief executives of financial services companies
- American chief financial officers
- American women chief executives
- American financial analysts
- Bank of America executives
- Businesspeople from Charleston, South Carolina
- Citigroup people
- Columbia Business School alumni
- UNC Hussman School of Journalism and Media alumni
- Women chief financial officers
- Women financial analysts